Cash flow SES S.A.

Stocks

SESG

LU0088087324

Wireless Telecommunications Services

Market Closed - Euronext Paris Other stock markets 16:55:00 10/07/2026 BST			5-day change	1st Jan Change
7.705 ^EUR	-1.03%		-6.72%	+39.33%

07-09	Sovereignty is the main driver of the European satcoms sector, Stifel says
07-07	SES Lands Five-year Satellite Services Deal from US Space Force	MT

03f1a2137174b8d75.cPoeAimcow5YqO428BAcsT5JPUuOUsP75WwPXHB4dzo.PcpSSE_Jmz8Z75RMgyV4wlcDdir3OI-zgQ42HjsxRFNdlzNxHs3uP2_FnQ

Published financial data: SES S.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	1.78B	1.94B	2.03B	2B	2.63B
Total Revenues	1.78B	1.94B	2.03B	2B	2.63B
Cost of Goods Sold, Total	460M	563M	646M	651M	966M
Gross Profit	1.32B	1.38B	1.38B	1.35B	1.66B
Selling General & Admin Expenses, Total	68M	94M	141M	157M	230M
Depreciation & Amortization - (IS)	575M	642M	603M	650M	836M
Amortization of Goodwill and Intangible Assets - (IS)	95M	63M	89M	156M	140M
Other Operating Expenses	163M	182M	218M	165M	241M
Other Operating Expenses, Total	901M	981M	1.05B	1.13B	1.45B
Operating Income	421M	400M	333M	222M	214M
Interest Expense, Total	-121M	-124M	-106M	-114M	-258M
Interest And Investment Income	-	6M	51M	132M	160M
Net Interest Expenses	-121M	-118M	-55M	18M	-98M
Income (Loss) On Equity Invest.	-	-	-	-	-
Currency Exchange Gains (Loss)	37M	45M	13M	4M	-58M
Other Non Operating Income (Expenses)	13M	-15M	-	-8M	-39M
EBT, Excl. Unusual Items	350M	312M	291M	236M	19M
Restructuring Charges	-8M	-9M	-27M	-63M	-44M
Merger & Related Restructuring Charges	-	-3M	-9M	-55M	-95M
Impairment of Goodwill	-673M	-77M	-1.55B	-	-
Gain (Loss) On Sale Of Investments	-	-	-	4M	-12M
Asset Writedown	-51M	-320M	-2.13B	-123M	-146M
Insurance Settlements	-	-	-	-	-
Other Unusual Items	779M	149M	2.69B	83M	163M
EBT, Incl. Unusual Items	397M	52M	-728M	82M	-115M
Income Tax Expense	-49M	87M	176M	55M	-21M
Earnings From Continuing Operations	446M	-35M	-904M	27M	-94M
Net Income to Company	446M	-35M	-904M	27M	-94M
Minority Interest	7M	1M	-1M	-12M	-1M
Net Income - (IS)	453M	-34M	-905M	15M	-95M
Preferred Dividend and Other Adjustments	41M	36M	36M	15M	11M
Net Income to Common Incl Extra Items	412M	-70M	-941M	0	-106M
Net Income to Common Excl. Extra Items	412M	-70M	-941M	0	-106M
Per Share Items
Net EPS - Basic	0.93	-0.16	-2.14	-	-0.26
Basic EPS - Continuing Operations	0.93	-0.16	-2.14	-	-0.26
Basic Weighted Average Shares Outstanding	445M	438M	439M	425M	414M
Net EPS - Diluted	0.92	-0.16	-2.14	-	-0.26
Diluted EPS - Continuing Operations	0.92	-0.16	-2.14	-	-0.26
Diluted Weighted Average Shares Outstanding	449M	438M	439M	429M	414M
Normalized Basic EPS	0.51	0.45	0.41	0.32	0.03
Normalized Diluted EPS	0.5	0.45	0.41	0.32	0.03
Dividend Per Share	0.5	0.5	0.5	0.5	0.5
Payout Ratio	58.72	-788.24	-29.72	2.46K	-234.74
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	1.08B	1.09B	1.01B	1B	1.13B
EBITA	516M	463M	422M	378M	354M
EBIT	421M	400M	333M	222M	214M
EBITDAR	1.15B	1.18B	1.15B	1.16B	1.36B
Effective Tax Rate - (Ratio)	-12.34	167.31	-24.18	67.07	18.26
Total Current Taxes	161M	64M	569M	70M	-122M
Total Deferred Taxes	-210M	23M	-393M	-15M	101M
Normalized Net Income	226M	196M	181M	136M	10.88M
Interest Capitalized	7M	-	-	-	-
Interest on Long-Term Debt	127M	140M	139M	155M	225M
Supplemental Operating Expense Items
Net Rental Expense, Total	68M	94M	141M	157M	230M
Imputed Operating Lease Interest Expense	18.37M	23.29M	27.83M	32.66M	82.48M
Imputed Operating Lease Depreciation	49.63M	70.71M	113M	124M	148M
Stock-Based Comp., COGS (Total)	8M	12M	13M	10M	6M
Total Stock-Based Compensation	8M	12M	13M	10M	6M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	1.05B	1.05B	2.91B	3.52B	1.08B
Trading Asset Securities, Total	-	-	-	-	9M
Total Cash And Short Term Investments	1.05B	1.05B	2.91B	3.52B	1.08B
Accounts Receivable, Total	398M	487M	406M	484M	659M
Other Receivables	1.36B	571M	473M	188M	176M
Total Receivables	1.76B	1.06B	879M	672M	835M
Inventory	23M	34M	55M	49M	196M
Prepaid Expenses	48M	47M	47M	58M	117M
Other Current Assets, Total	3M	4M	2M	2M	8M
Total Current Assets	2.88B	2.19B	3.89B	4.3B	2.24B
Gross Property Plant And Equipment	13.94B	14.74B	13.14B	13.49B	16.41B
Accumulated Depreciation	-8.37B	-9.25B	-8.55B	-9.22B	-9.26B
Net Property Plant And Equipment	5.56B	5.49B	4.59B	4.27B	7.15B
Long-term Investments	-	-	-	-	204M
Goodwill	1.52B	1.74B	140M	143M	1.81B
Other Intangibles, Total	2.22B	2.5B	758M	751M	965M
Accounts Receivable Long-Term	245M	111M	87M	107M	104M
Deferred Tax Assets Long-Term	568M	499M	671M	701M	644M
Deferred Charges Long-Term	55M	58M	25M	15M	56M
Other Long-Term Assets, Total	26M	20M	21M	36M	200M
Total Assets	13.08B	12.61B	10.18B	10.33B	13.37B
Liabilities
Accounts Payable, Total	91M	81M	60M	58M	131M
Accrued Expenses, Total	166M	186M	230M	179M	250M
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	57M	719M	716M	273M	798M
Current Portion of Leases	11M	15M	16M	19M	76M
Current Income Taxes Payable	154M	22M	130M	15M	18M
Unearned Revenue Current, Total	405M	214M	249M	250M	328M
Other Current Liabilities	1.64B	406M	618M	728M	970M
Total Current Liabilities	2.53B	1.64B	2.02B	1.52B	2.57B
Long-Term Debt	3.52B	3.63B	3.44B	4.25B	5.51B
Long-Term Leases	22M	30M	23M	32M	559M
Unearned Revenue Non Current	362M	429M	384M	361M	522M
Pension & Other Post Retirement Benefits	17M	15M	13M	14M	48M
Deferred Tax Liability Non Current	399M	434M	205M	212M	455M
Other Non Current Liabilities	496M	769M	339M	447M	994M
Total Liabilities	7.35B	6.95B	6.43B	6.84B	10.66B
Common Stock, Total	719M	696M	696M	696M	696M
Additional Paid In Capital	1.64B	1.56B	1.56B	1.56B	1.56B
Retained Earnings	706M	180M	-732M	139M	29M
Treasury Stock	-189M	-80M	-95M	-	-181M
Comprehensive Income and Other	2.8B	3.24B	2.27B	1.02B	515M
Total Common Equity	5.67B	5.6B	3.7B	3.42B	2.62B
Minority Interest	63M	62M	57M	69M	91M
Total Equity	5.73B	5.66B	3.76B	3.49B	2.71B
Total Liabilities And Equity	13.08B	12.61B	10.18B	10.33B	13.37B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	440M	439M	436M	418M	419M
ECS Total Common Shares Outstanding	440M	439M	436M	418M	419M
Book Value / Share	10.21	10.07	7.05	6.78	5
Tangible Book Value	1.93B	1.36B	2.8B	2.53B	-150M
Tangible Book Value Per Share	1.71	0.41	4.99	4.64	-1.61
Total Debt	3.61B	4.39B	4.2B	4.57B	6.94B
Net Debt	2.56B	3.35B	1.29B	1.05B	5.86B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-	-	-	-	18M
Debt Equivalent Oper. Leases	544M	752M	1.13B	1.26B	1.84B
Minority Interest, Total (Incl. Fin. Div)	63M	62M	57M	69M	91M
Equity Method Investments, Total	-	-	-	-	77M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Work In Process, Total	-	-	-	9M	2M
Inventories - Finished Goods, Total	-	-	-	40M	194M
Land - (BS)	247M	249M	230M	269M	511M
Machinery, Total	274M	310M	298M	264M	263M
Full Time Employees	2.04K	2.3K	2.29K	2.12K	3.83K
Accumulated Allowance for Doubtful Accounts (Supple)	93M	114M	114M	114M	134M
Order Backlog	5.8B	5.9B	5.2B	4.8B	6.6B

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	453M	-34M	-905M	15M	-95M
Depreciation & Amortization - CF	575M	642M	603M	650M	835M
Amortization of Goodwill and Intangible Assets - (CF)	95M	63M	89M	156M	140M
Depreciation & Amortization, Total	670M	705M	692M	806M	975M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	724M	397M	3.68B	123M	146M
Other Operating Activities, Total	-97M	-40M	-102M	-169M	-43M
Change In Accounts Receivable	-492M	441M	13M	38M	53M
Change In Inventories	4M	-6M	-26M	-	21M
Change In Accounts Payable	-25M	8M	-4M	205M	-116M
Change in Unearned Revenues	42M	1M	137M	-19M	-21M
Change in Other Net Operating Assets	15M	4M	-2M	7M	-12M
Cash from Operations	1.29B	1.48B	3.48B	1.01B	908M
Capital Expenditure	-243M	-1.31B	-383M	-280M	-522M
Sale of Property, Plant, and Equipment	-	-	-	-	3M
Cash Acquisitions	-	-435M	-	-	-1.45B
Divestitures	-	-	-	-	12M
Sale (Purchase) of Intangible assets	-37M	-42M	-22M	-23M	-26M
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Other Investing Activities, Total	-3M	-9M	35M	144M	322M
Cash from Investing	-283M	-1.8B	-370M	-159M	-1.66B
Long-Term Debt Issued, Total	159M	744M	-	1.03B	2.16B
Total Debt Issued	159M	744M	-	1.03B	2.16B
Long-Term Debt Repaid, Total	-628M	-74M	-728M	-743M	-2.97B
Total Debt Repaid	-628M	-74M	-728M	-743M	-2.97B
Issuance of Common Stock	618M	4M	1M	-	2M
Repurchase of Common Stock	-887M	-	-22M	-163M	-59M
Common Dividends Paid	-266M	-268M	-269M	-369M	-223M
Common & Preferred Stock Dividends Paid	-266M	-268M	-269M	-369M	-223M
Other Financing Activities, Total	-123M	-101M	-108M	-134M	-274M
Cash from Financing	-1.13B	305M	-1.13B	-375M	-1.36B
Foreign Exchange Rate Adjustments	3M	15M	-123M	142M	-328M
Net Change in Cash	-113M	-2M	1.86B	614M	-2.45B
Supplemental Items
Cash Interest Paid	121M	103M	109M	110M	264M
Cash Income Tax Paid (Refund)	31M	186M	442M	168M	35M
Levered Free Cash Flow	916M	-1.13B	980M	726M	498M
Unlevered Free Cash Flow	992M	-1.05B	1.05B	797M	659M
Change In Net Working Capital	-331M	663M	-538M	-145M	-92M
Net Debt Issued / Repaid	-469M	670M	-728M	291M	-807M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	2.07	1.96	1.83	1.35	1.13
Return on Total Capital	2.81	2.58	2.31	1.73	1.51
Return On Equity %	7.98	-0.61	-19.2	0.74	-3.03
Return on Common Equity	7.47	-1.24	-20.24	0	-3.51
Margin Analysis
Gross Profit Margin %	74.19	71.04	68.18	67.47	63.23
SG&A Margin	3.82	4.84	6.95	7.85	8.76
EBITDA Margin %	60.61	55.86	49.56	50.12	42.9
EBITA Margin %	28.96	23.82	20.79	18.89	13.48
EBIT Margin %	23.63	20.58	16.4	11.09	8.15
Income From Continuing Operations Margin %	25.03	-1.8	-44.53	1.35	-3.58
Net Income Margin %	25.42	-1.75	-44.58	0.75	-3.62
Net Avail. For Common Margin %	23.12	-3.6	-46.35	0	-4.04
Normalized Net Income Margin	12.67	10.08	8.91	6.77	0.41
Levered Free Cash Flow Margin	51.43	-58	48.27	36.26	18.94
Unlevered Free Cash Flow Margin	55.67	-54.01	51.53	39.82	25.08
Asset Turnover
Asset Turnover	0.14	0.15	0.18	0.2	0.22
Fixed Assets Turnover	0.31	0.35	0.4	0.45	0.46
Receivables Turnover (Average Receivables)	4.33	4.49	4.55	4.5	4.6
Inventory Turnover (Average Inventory)	18.4	19.75	14.52	12.52	7.89
Short Term Liquidity
Current Ratio	1.14	1.33	1.93	2.83	0.87
Quick Ratio	1.11	1.28	1.88	2.75	0.75
Operating Cash Flow to Current Liabilities	0.51	0.9	1.72	0.66	0.35
Days Sales Outstanding (Average Receivables)	84.29	81.3	80.28	81.39	79.41
Days Outstanding Inventory (Average Inventory)	19.84	18.48	25.14	29.23	46.29
Average Days Payable Outstanding	74.04	54.69	38.58	33.48	30.99
Cash Conversion Cycle (Average Days)	30.08	45.09	66.85	77.15	94.7
Long Term Solvency
Total Debt/Equity	63.04	77.64	111.71	130.9	255.71
Total Debt / Total Capital	38.66	43.71	52.77	56.69	71.89
LT Debt/Equity	61.85	64.67	92.23	122.54	223.51
Long-Term Debt / Total Capital	37.94	36.4	43.56	53.07	62.83
Total Liabilities / Total Assets	56.17	55.12	63.1	66.19	79.7
EBIT / Interest Expense	3.48	3.23	3.14	1.95	0.83
EBITDA / Interest Expense	9.02	8.91	9.67	9.02	4.61
(EBITDA - Capex) / Interest Expense	7.01	-1.67	6.06	6.56	2.59
Total Debt / EBITDA	3.31	3.98	4.1	4.45	5.84
Net Debt / EBITDA	2.35	3.03	1.26	1.02	4.93
Total Debt / (EBITDA - Capex)	4.26	-21.22	6.54	6.11	10.4
Net Debt / (EBITDA - Capex)	3.02	-16.16	2.01	1.4	8.78
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-5.01	9.09	4.42	-1.43	31.28
Gross Profit, 1 Yr. Growth %	-5.71	4.46	0.22	-1.82	23.04
EBITDA, 1 Yr. Growth %	-5.01	0.56	-7.37	-0.3	12.36
EBITA, 1 Yr. Growth %	-2.09	-10.27	-8.86	-10.43	-6.35
EBIT, 1 Yr. Growth %	-2.55	-4.99	-16.75	-33.33	-3.6
Earnings From Cont. Operations, 1 Yr. Growth %	-569.47	-107.85	2.48K	-102.99	-448.15
Net Income, 1 Yr. Growth %	-626.74	-107.51	2.56K	-101.66	-733.33
Normalized Net Income, 1 Yr. Growth %	37.65	-13.18	-7.72	-25.09	-91.97
Diluted EPS Before Extra, 1 Yr. Growth %	-409.61	-117.38	1.24K	-	-
Accounts Receivable, 1 Yr. Growth %	-6.35	28.5	-16.63	19.21	36.16
Inventory, 1 Yr. Growth %	-14.81	47.83	61.76	-10.91	300
Net Property, Plant and Equip., 1 Yr. Growth %	-4.47	-1.29	-16.34	-6.97	67.35
Total Assets, 1 Yr. Growth %	5.6	-2.56	-19.22	1.4	29.47
Tangible Book Value, 1 Yr. Growth %	56.33	-29.6	106.71	-9.06	-105.93
Common Equity, 1 Yr. Growth %	5.67	-1.31	-33.86	-7.51	-23.37
Cash From Operations, 1 Yr. Growth %	23.36	14.06	136.51	-71.08	-9.74
Capital Expenditures, 1 Yr. Growth %	42.11	439.92	-70.81	-26.89	86.43
Levered Free Cash Flow, 1 Yr. Growth %	36.51	-256.92	-186.91	-26.75	-30.83
Unlevered Free Cash Flow, 1 Yr. Growth %	29.35	-232.22	-199.63	-23.84	-17.32
Dividend Per Share, 1 Yr. Growth %	25	0	0	0	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-5.23	1.8	6.73	1.46	13.76
Gross Profit, 2 Yr. CAGR %	-5.87	-0.75	2.32	-1.13	9.91
EBITDA, 2 Yr. CAGR %	-6.14	-2.27	-3.49	-3.9	5.84
EBITA, 2 Yr. CAGR %	-5.19	-6.27	-9.57	-9.64	-8.41
EBIT, 2 Yr. CAGR %	-6.74	-3.78	-11.06	-25.5	-19.84
Earnings From Cont. Operations, 2 Yr. CAGR %	27.12	-39.3	42.37	-12.17	-67.75
Net Income, 2 Yr. CAGR %	23.71	-37.12	41.34	-33.58	-67.6
Normalized Net Income, 2 Yr. CAGR %	1.59	9.32	-10.49	-16.85	-75.48
Diluted EPS Before Extra, 2 Yr. CAGR %	30.26	-26.64	52.75	-	-65.42
Accounts Receivable, 2 Yr. CAGR %	-14.15	7.05	3.5	-0.31	27.4
Inventory, 2 Yr. CAGR %	-13.86	12.22	54.64	20.05	88.78
Net Property, Plant and Equip., 2 Yr. CAGR %	-4.6	-2.89	-9.13	-11.78	24.77
Total Assets, 2 Yr. CAGR %	-0.58	0.88	-11.28	-9.49	14.58
Tangible Book Value, 2 Yr. CAGR %	12.31	4.91	20.64	36.57	-76.78
Common Equity, 2 Yr. CAGR %	-4.16	2.12	-19.21	-21.79	-15.81
Cash From Operations, 2 Yr. CAGR %	6.82	18.62	63.97	-17.3	-48.91
Capital Expenditures, 2 Yr. CAGR %	-6.67	176.99	25.54	-53.8	16.74
Levered Free Cash Flow, 2 Yr. CAGR %	17.42	29.59	16.78	-19.78	-28.93
Unlevered Free Cash Flow, 2 Yr. CAGR %	13.3	17	14.78	-12.89	-20.65
Dividend Per Share, 2 Yr. CAGR %	11.8	11.8	0	0	0
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-3.94	-0.68	2.66	3.94	10.56
Gross Profit, 3 Yr. CAGR %	-4.54	-2.54	-0.43	0.7	6.35
EBITDA, 3 Yr. CAGR %	-4.93	-3.96	-4	-2.44	1.24
EBITA, 3 Yr. CAGR %	-6.96	-6.91	-7.14	-9.85	-8.56
EBIT, 3 Yr. CAGR %	-9	-6.16	-8.31	-19.21	-18.82
Earnings From Cont. Operations, 3 Yr. CAGR %	15.87	-49.76	111.91	-60.73	39
Net Income, 3 Yr. CAGR %	15.71	-51.39	119.14	-67.89	40.85
Normalized Net Income, 3 Yr. CAGR %	-5.01	-3.59	3.32	-15.65	-61.86
Diluted EPS Before Extra, 3 Yr. CAGR %	19.66	-33.43	93.32	-	17.07
Accounts Receivable, 3 Yr. CAGR %	-9.75	-3.38	-1.51	8.49	10.61
Inventory, 3 Yr. CAGR %	-13.14	3.13	26.77	28.67	79.3
Net Property, Plant and Equip., 3 Yr. CAGR %	-2.58	-3.51	-7.6	-8.41	9.21
Total Assets, 3 Yr. CAGR %	0.57	-1.6	-6.32	-7.24	1.98
Tangible Book Value, 3 Yr. CAGR %	9.81	-3.88	31.52	9.5	-52
Common Equity, 3 Yr. CAGR %	-2.66	-3.22	-11.65	-15.48	-22.32
Cash From Operations, 3 Yr. CAGR %	2.79	9.18	49.13	-8.05	-14.86
Capital Expenditures, 3 Yr. CAGR %	-5.81	67.54	30.84	4.84	-26.45
Levered Free Cash Flow, 3 Yr. CAGR %	8.56	19.26	13.43	0.32	-23.87
Unlevered Free Cash Flow, 3 Yr. CAGR %	6.63	10.75	10.9	0.11	-14.39
Dividend Per Share, 3 Yr. CAGR %	-14.5	7.72	7.72	0	0
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-2.94	-0.91	0.2	0.17	6.97
Gross Profit, 5 Yr. CAGR %	-4.71	-2.72	-1.85	-1.98	3.45
EBITDA, 5 Yr. CAGR %	-5.51	-3.89	-4.35	-3.94	-0.18
EBITA, 5 Yr. CAGR %	-9.98	-8.69	-8.01	-8.02	-7.65
EBIT, 5 Yr. CAGR %	-12.1	-9.28	-9.83	-14.43	-13.11
Earnings From Cont. Operations, 5 Yr. CAGR %	-14.3	-43.31	25.82	-37.18	-0.21
Net Income, 5 Yr. CAGR %	-14	-43.61	25.35	-44.92	2.01
Normalized Net Income, 5 Yr. CAGR %	-9.16	-9.08	-7.24	-9.13	-41.88
Diluted EPS Before Extra, 5 Yr. CAGR %	-15.85	-33.28	31.93	-	-2.89
Accounts Receivable, 5 Yr. CAGR %	-7.7	-2.66	-5.59	-2.17	9.17
Inventory, 5 Yr. CAGR %	-5.3	2.47	9.4	9.59	48.65
Net Property, Plant and Equip., 5 Yr. CAGR %	-3.21	-2	-5.25	-6.91	4.2
Total Assets, 5 Yr. CAGR %	-0.84	0.68	-4.56	-4.84	1.54
Tangible Book Value, 5 Yr. CAGR %	4.24	-0.4	14.02	10.62	-34.37
Common Equity, 5 Yr. CAGR %	-3.59	-1.34	-9.65	-11.12	-13.34
Cash From Operations, 5 Yr. CAGR %	0.31	3.36	23.9	-2.37	-2.85
Capital Expenditures, 5 Yr. CAGR %	-15.89	24.08	5.66	0.07	25.01
Levered Free Cash Flow, 5 Yr. CAGR %	11.59	18.94	6.47	1.76	-5.82
Unlevered Free Cash Flow, 5 Yr. CAGR %	9.18	13.27	5.04	0.61	-3
Dividend Per Share, 5 Yr. CAGR %	-17.89	-8.97	-8.97	4.56	4.56